KK Consider the following independent situations: a. If the assets of a business are $80,000 and the liabilities total $70,000, how much is the owner's equity? b. If the owner's equity in a business is $55,000 and the liabilities are $35,000, how much are the assets? a. The owner's equity is b. The assets are ...

Consider the following independent situations: a. If the assets of a business are $80,000 and the liabilities total $70,000, how much is the owner's equity? b. If the owner's equity in a business is $55,000 and the liabilities are $35,000, how much are the assets? a. The owner's equity is b. The assets are